Cosmewax, a leading private label cosmetics manufacturer, is pleased to announce impressive results for the year 2023. As a trusted partner in the beauty and cosmetics industry, Cosmewax has experienced significant growth and achieved key milestones, reinforcing its position as a premier provider of private label cosmetic solutions.
Key highlights
- Revenue Growth: Cosmewax reported sales of 40,5 M€ for 2023, up by 16.7% in 2022.
- Market Expansion: Over the past year, Cosmewax successfully expanded its market presence, entering new territories and establishing partnerships with prominent retailers and brands. At this time, its turnover comes from 36% of America, 57% of Europe and 7% of Asia and Oceania. Cosmewax has more than 90 clients worldwide and more than 1,200 projects currently managed.
- Product Innovation: Cosmewax remains at the forefront of cosmetic innovation, introducing more than 100 new products in 2023. All consumer business skin care categories posted impressive, which was led by wax strips, face serums and face creams.
The R&D team constantly expands the portfolio by applying global trends such as formulations with high-tech active ingredients and innovative textures, up-cycled and multi-benefit products, menopause and body skinification, among others. This year, the Spanish company has achieved a place among the finalists of the Cosmoprof Awards with the product Glowing Milk Lotion. - Sustainable Practices: Recognising the importance of sustainability in today's business landscape, Cosmewax has continued to implement eco-friendly practices throughout its manufacturing processes. Compared to 2018, the carbon footprint has achieved a reduction of 42.36%. Also, Cosmewax successfully passed the RSPO and IFS HPC audits in its 2 manufacturing facilities and the company has been awarded the EcoVadis Gold Medal.
- Advanced Manufacturing Capabilities: Cosmewax is in the midst of construction of a new manufacturing plant with greater capacity in Puzol (Valencia) of 5,100m2 for skin care products. The new high-tech facilities will have a production capacity of 7,000 T/year. This will increase capacity by 94.4% and continue to advance greater flexibility in manufacturing and reaction capabilities before demand peaks, as well as increasing the ability to work with a wide range of specifications and requirements. The inauguration is planned for the fourth quarter of 2024. This new factory joins the two existing ones: Skin Care Division - Massalfasar (Valencia, Spain) - and Depilatories Division - Jerez de la Frontera (Cádiz, Spain).
The 16.7% increase in turnover has been attributed to profitable growth across all regions and product categories, as well as repeat sales. The average number of years of cooperation between Cosmewax and its TOP 5 Clients is 12 years.
